Down Payment Assistance Texas Program

Texas Down Payment Assistance Programs

TheTexasMortgagePros offers Downpayment Assistance Program to qualified home buyers in the Texas. We participate in Texas’ Housing and Community Development’s Homebuyer Assistance. We also offer Harris County Community Services Downpayment Assistance Program. Texas helps potential homebuyers buy a new home or an existing home using financial assistance from the city. The city has created three (3) options to help families achieve their dream of homeownership. They are:

Homebuyer Assistance;

HOPE; and

Workforce Housing

The application is open to the public and support is given on a first come, first serve basis.

Texas Homebuyer Assistance

HOPE Program

Workforce Housing

Sales Price Maximum

$200,160

$200,160

$150,000

Area Median Income (AMI) Limit

Up to 80% AMI

Up to 80% AMI

80 to 110% AMI

Qualifying Areas

City-Wide

Hope and Revitalization Areas – ONLY

Hope and Revitalization Areas – ONLY

Funding Amount(s)

$19,500

$30,000

$30,000

Property Age

New or Existing Properties

New or Existing Properties

New Properties

Affordability Period

10 Years

10 Years

10 Years

The City of Houston Housing and Community Development Department (HCDD) has designed the Texas Homebuyer Assistance (HHA) to provide financial assistance to low-to-moderate income homebuyers in the incorporated area of the city. Additional information regarding the Texas Homebuyer Assistance can be found here. Prospective homebuyers may qualify up to $19,500 in assistance to purchase a home. HOPE ‘s initiative to reinvest in some of Texas’ historic neighborhoods through a combination of stabilization activities and by supporting locally-led community building activities. The objective of HOPE is to build strong and healthy neighborhoods that meet the needs of their current residents and are attractive to new and returning families. Prospective homebuyers may qualify up to $30,000 to buy a house. Texas’ Workforce Housing program is available to prospective homebuyers who wish to purchase a brand new home in HOPE and Revitalization areas. Applicants may qualify up to $30,000 in assistance to buy or build new homes. Downpayment Assistance Program (DAP) from Harris County Community Services Departmenthelps eligible borrowers to purchase a house in Harris County. Just like other State-specific programs, individual eligibility and guidelines need to be met. First Time Homebuyers is almost always a primary requirement. It also has a credit requirement as well as debt-to-income (DTI) ratios. More information about Downpayment Assistance Program can be found on the Harris County Community Services Department website.

Other Down Payment Assistance Programs

Harris County Downpayment Assistance Program –

Assistance provided in the form of a deferred and forgivable loan to eligible borrowers. Must be a first time home buyer and funds must be used for down payment and closing costs for a purchase of new and pre-owned homes built within the last ten years. The maximum amount of $14,400 is available for homes located in the unincorporated areas of Harris County, outside the cities of Houston, Baytown, and Pasadena, and within the 15 cooperating cities in Harris County. There is also a maximum annual income requirement depending on family size, or annual household income must not exceed 80% of the established area median income. For additional information, Harris County has the details.

Texas Home of Your Own Program (HOYO) –

Available to first time home buyers with disabilities. The home must be located in Blanco, Bastrop, Burnet, Caldwell, Dallas, Fort Bend, Harris, Hays, Johnson, Montgomery, Parker, Tarrant, Travis or Williamson counties. The borrower must be a person with a disability or have a family member with a disability, be able to qualify for a mortgage loan, and have no other interest or ownership in another property or home. There is no income requirement for HOYO program. Additional information can be found at Texas Home Programs website. Financial assistance of up to $20,000 is available.

Montgomery County Home Fund Program –

Down payment assistance available for individuals meeting income guidelines, below 80% of area median income ($34,150 for an individual buyer, $39,050 for a family of two, $43,900 for a family of three and $48,800 for a family of four). Financial assistance of $7,500 up to $14,500 on a new home, provided to those who qualify. The maximum debt-to-income ratio of the applicant with the proposed housing expense should be no more than 45% back-end ratio. Applicant must attend the HUD-Certified Homebuyer’s Education Class, have not owned a home in the last 3 years, have a social security number, purchase home in Montgomery County (outside the city limits of Conroe), maximum sales price of $200,180, and qualify for a 30-year fixed rate FHA, Conventional or VA loan. The borrower must be eligible for a standard FHA home loan, Rehab loans, such as 203k, are not eligible. For details, go to sethfc.com and see if you qualify.

Homes With Honor Program –

Provides qualify homes to low and moderate income U.S. Military Veterans seeking to buy a home for their personal residence in the State of Texas. Homes With Honor non-profit organization provides qualifying veterans with a forgivable soft 2nd mortgage at 0% interest and no payment as long as the veteran is in compliance with the program. The soft 2nd is forgiven over ten years. The veteran must remain current on their first mortgage and must live in the home as their primary residence for a minimum of ten (10) years. Additional information can be found on Homes With Honorwebsite.